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of <h1>Assessees to pay 0.5% monthly interest on excess tax refunds as per Direct Taxes Code, Section 149.</h1> An assessee must pay simple interest at a rate of 0.5% per month on any excess refund received, as specified in the Direct Taxes Code, 2010. This applies when a refund is granted under section 149, but no refund is due, or the refunded amount exceeds what is refundable under sections 155, 156, or 159. The interest period begins from the refund date and ends on the regular assessment date. Any interest charged may be adjusted following rectification, revision, or appellate orders under the Code.
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